The 30-share BSE Sensex tanked 516.33 points, or 0.66%, to settle at 77,328.19 on Friday, while the 50-share NSE Nifty dropped 150.50 points, or 0.62%, to end at 24,176.15. The decline was attributed to fresh geopolitical tensions in West Asia, which revived concerns over energy supplies and weighed heavily on investor sentiment.

Foreign fund outflows and a weak trend in global markets further added to the bearish trend, with Foreign Institutional Investors (FIIs) offloading equities worth ₹340.89 crore on Thursday.

Among the stocks, State Bank of India tanked 6.62% after its March quarter earnings, while Titan jumped 4.76% after reporting a 35.36% increase in its consolidated net profit.

According to Vinod Nair, Head of Research at Geojit Investments Limited, markets witnessed a risk-off session following fresh U.S.-Iran military action near the Strait of Hormuz, which weakened ceasefire hopes and triggered profit booking.

The immediate outlook is that markets will continue to be volatile, with stability in crude oil prices and benign U.S. 10-year yields providing some support to the broader sentiment and the rupee. The next trading session will be closely watched for any further developments in the region.